Researchers at Harvard Business School, Questrom School of Business, Bentley University and MIT Sloan School of Management recently interviewed 120 professionals to learn about the mental and emotional toll of retirement. They discovered that retirees go through two main processes: Life Restructuring and Identity Bridging. 

One of the researchers, Teresa Amabile of Harvard Business School, spoke with Curt Nickisch of Harvard Business Review about the study. In discussing "life restructuring," Amabile says,"You have to majorly restructure your life that day you walk out, whether you’ve been working full-time up to that retirement or part-time, you’re going to have to really approach your life differently."

Amabile suggests that the interactions with people in the workplace are significant. When individuals retire, "most of us don’t realize how anchoring and important those work relationships are.

"We also don’t realize how important the structure of work is. We have been living for several decades as kind of a tenant of a life structure that our organization has created for us. We know where we’re going to be at 9:00 AM Monday through Friday and we pretty much know what we’re going to be doing and who we’re going to be interacting with."

Amabile identifies four developmental tasks as part of life restructuring:

1. The retirement decision: Deciding when to retire and how to retire.
2. Detaching from work: "Some can let go completely... and for others, they have a hard time moving on at least mentally, even if they’re not engaging in work activities, they’re thinking about it a lot and they feel that they’re still in that world."
3. Managing the liminal phase: "Liminal means betwixt and between – kind of in the midst of change of some kind." Some people plan for this carefully while others don't.
4. The consolidation stage: That's when a new life structure is in place and it is working for the individual.

The second process is identity bridging. Amabile observes that people who can maintain or enhance aspects of themselves that existed in pre-retirement can enjoy satisfaction and enrichment in retirement. She says, "Often it’s bridging some aspect of that work identity. Often it’s enhancing, developing some non-work aspect of identity that you had. So, one of the most common things we’ve seen is that people will have had an avocation that they enjoyed a pre-retirement, that they get really engaged in much more strongly after retirement.

"And that’s very fulfilling for them, very enjoyable. Sometimes it’s the relationship they had that was important to them – an important part of their identity – and they’re now deepening that engagement, spending more time with that person."

One of the challenges related to identity bridging is how integrated identity is with working for many people. According to Amabile," So much of our identity is almost necessarily wrapped up in our work. So much of our mind space is occupied by our work, that we let other pieces of ourselves atrophy." 

Amabile notes that if people "can maintain some creative activity outside of work, even while they’re fully engaged in their career, that seems to stand them in good stead because that’s something they can grow afterward. That gives them a natural identity bridge."

If you are planning to retire -- or already retired -- maybe you are going through "life restructuring" and "identity bridging." If so, you are not alone.

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In general, Boomers are given far less credit than they deserve when it comes to embracing information technology. The fact is, Boomers are very plugged in to the use of online tools and streaming services. The AARP 2022 Tech Trends report indicated the following: "Three in four people age 50-plus say they rely on technology to stay connected, with those in their 50s (76%), 60s (79%), and 70s (72%) all exceeding 70%."

You may be part of the healthy segment of the Boomer demographic that is tech-savvy, which could translate into opportunities for personal gratification and supplemental income. An increasingly common way to take advantage of technology is to become part of the "gig economy." There are almost limitless opportunities for online gigs that don't discriminate on the basis of age. The tech-savvy Boomer can easily compete for projects of all types as long as you have the know-how in a specific discipline.

An obvious area you can leverage is social media. For example, while TikTok has been under fire lately, it remains one of the most lucrative online channels available for influencers. A recent article in The New York Times spotlighted older TikTok creators, suggesting:"No matter what their age or finances, some elder influencers are finding that being on the app can bring them extra cash, or even help them extend their careers."

According to the article, "These creators have been finding success by sharing life lessons and fashion tips, cooking, interacting with grandchildren or just being funny — while also promoting products. ...For the vast majority of influencers, the income from these gigs may not be enough to retire on, but it can help give their later-year finances a boost and even give them extra money to invest."

LinkedIn is another useful social media avenue for professional and business pursuits. Boomers can create a richly detailed personal profile, make connections, join groups and find opportunities by building a personal network. There are also many online job boards that offer tech-related gig opportunities.

With the dramatic increase in and acceptance of remote work, it is no longer necessary for Boomers who want part-time work to be limited to in-person jobs. Working from home offers the kind of convenience and flexibility that could be ideal for semi-retirement. The tech-savvy Boomer (or one who is willing to learn) can take full advantage of this new work environment and get the best combination of a part-work/part-leisure lifestyle.

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The Boomer version of retirement is a new paradigm -- utterly different from past generations. One thing that has dramatically changed for Boomers is the reality that living longer means saving longer. In order to support themselves as they age, many Boomers are realizing they need more money than they originally thought to live comfortably.

A recent article appearing in PlanAdviser.com does a good job of characterizing the challenge. As retirement coach Nancy Collamer points out, “The fact of the matter is that a lot of people have gotten to this point [of retirement], and they haven’t saved enough. Working on a part-time basis becomes a real area of interest for these people.”

A main reason Boomers consider part-time work is to supplement other income, such as Social Security and retirement savings. For some Boomers, these sources simply don't provide enough of a financial security blanket. Research conducted by AARP suggests that the "gig economy" is alive and well for Boomers. According to PlanAdviser.com, "For those age 60 and older, [AARP] found the top ways of earning money without a full-time job include freelance or contract work (48%), teaching (16%), providing pet care (8%), doing home repair, such as handyman, lawn care, or snow removal (6%), shopping for others (6%), and making or growing things (6%)."

The PlanAdviser.com article cites this quote from an AARP executive:

“Among the 65-plus age group, entrepreneurial, gig, or nontraditional work has exploded,” says Carly Roszkowski, vice president of financial resilience programming for the DC-based AARP. “COVID has made us rethink how we want to live and the kind of flexibility we want; the gig or freelance work allows people to work when they want, be their own boss and have that work-life balance.”

Interestingly, the recent pandemic probably helped Boomers feel more comfortable using digital platforms and websites to engage in part-time work.

The key to part-time work for many Boomers is to combine their passion with an income-generating opportunity. George Fraser, managing director at the Fraser Group of Retirement Benefits Group, tells PlanAdviser.com, “[Retirees] can look for things they already like to do and get paid for it. Let’s say I like golf, but rather than pay for a membership, I get a part-time job at the club. If I like to ski, I could get work as a ski instructor.”

I can attest to this strategy. For several years after I first retired as a direct marketing professional, I pursued my passion for writing, both for personal enjoyment and for part-time income. In addition to writing articles and books for my own benefit, I freelanced for a few clients, generating modest but steady income. This offered me a bit of "fun money" and reinforced my professional self-esteem.

Even if your passion is not in the same area as your career, you can pursue something that could turn into part-time work. It doesn't have to be anything very lucrative. Your goal should be to do something you enjoy while bringing in a little extra money. The idea is to reduce some of the financial pressure by supplementing your other sources of retirement income.  

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The third iteration of a landmark retirement study by Age Wave, Edward Jones and The Harris Poll has just been released. It sheds some intriguing light on three types of events that retirees have experienced: "Cannonballs, curveballs and windfalls." 

According to the study:

Since retiring, a large majority of retirees (75%) have experienced cannonball events, major challenges that can derail a plan, or curveballs, relatively minor occurrences that cause setbacks. According to the research, the most common cannonballs and curveballs include having a family member or close friend pass away (42%), personal health issues (30%), coping with a spouse’s or partner’s health issues (21%) and significant financial setbacks (20%). The most impactful, however, are widowhood and divorce, which retirees say are profoundly disruptive to their lives. For some, retirement itself can be a cannonball, as 3 in 10 retirees (29%) said they were forced to retire unexpectedly.

On the other hand, 80% of retirees have experienced at least one windfall event, a positive gain often described as “good fortune” or a “blessing.” The most fulfilling windfalls for retirees include becoming a grandparent, taking a dream vacation and discovering a new or renewed purpose in life. One of the biggest surprises was that aging and retirement itself appear to provide a kind of windfall to many. The study revealed that feelings of freedom, happiness and resilience all peak in retirement, while anxiety hits its lifetime low.

The study suggested that pre-retirees and current retirees know they will face challenges and are willing to make "course corrections." The study defined course corrections as the positive actions that pre-retirees and retirees are already taking or considering to improve their retirement journeys. Course corrections are motivated, and often necessitated, by life events that change the circumstances and goals of one’s life plan.

The study breaks retirement into four key pillars: Health, Family, Purpose and Finances. Sample course corrections in each of the four pillars include:

• Health: Habits including healthy diet, regular exercise and mental stimulation can dramatically improve healthspan, lifespan and well-being in retirement
• Family: Spending more quality time with family (and less time with toxic people) can be very fulfilling, but setting emotional and financial boundaries can be just as worthwhile
• Purpose: There are many personal paths to purpose, and people can explore familiar options — trying new things, expanding their social circles to enrich their lives and even reinventing themselves with new dreams
• Finances: Given the many tools beyond the basics of increasing savings and minimizing debt, it is wise to seek trusted, holistic guidance when considering options and weighing tradeoffs.

To access the full report, “Resilient Choices: Trade-Offs, Adjustments and Course Corrections to Thrive in Retirement” visit https://www.edwardjones.com/newretirement

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Guest Post by Lilian Lewis

Are you about to retire? How are you preparing for it?

Perhaps you have already retired.

Having a retirement plan to accomplish your later life goals is the ideal course of action to take. However, if you haven't adequately prepared for this eventuality, it's never too late. 

The financial moves you make in your last 5 - 10 working years can make a difference in your life. 

What financial moves can you make to increase your savings or investments to boost your retirement package? Let us explore a few ideas to get you back on track.

1. Automatic saving plans are best

The fact that you should save for retirement is evident to many of us; the problem we face is saving money consistently due to the many obligations competing for our income, including mortgages, college payments, among many other responsibilities.

Surmount this problem by creating an automatic saving system that deducts money from your salary every payday and sends it to a retirement plan of your choice.

2. Determine your retirement needs 

According to pension experts, most people require a minimum of 70 percent of their pre-retirement income to live. This is money for daily needs, like housing, food, and health expenses. 

Determine how much you have put away already and to determine how far along you are.

That will help you to find out how much more you can put away to increase your savings. It will also show you when these savings become vested so that you know they are fully available to you.

3. Start saving retirement money in IRAs

IRAs offer attractive tax advantages for savers that will make it worth your while. You can choose from two varieties: traditional IRA accounts and ROTH IRA accounts.

The money you save in traditional IRA accounts is pre-tax, while ROTH IRAs get you tax breaks in the form of tax-free withdrawals.

The maximum amount of money you can contribute to an IRA account if you are over 50 is $ 7,500. That's a standard $6,500 contribution and an extra $1,000 for people 50 years and older.

Married couples can contribute savings to two IRAs if they file their taxes jointly through a spousal IRA savings plan. This is a great way to create a comfortable nest egg for your old age with your spouse.

4. Use financial retirement tools

There are many savings tools that we can use to put aside money for our later years including 401 (k), 403 (b), and 457 savings plans, which are not subjected to tax until you withdraw.

These are workplace savings plans that you can fund to the max. People under 50 can contribute up to $23,000 to a 401 (k) plan annually. If you are over 50 years, you may add $7,500 to this standard amount as catch-up contributions.

5. Social security retirement benefits

The amount of social security benefits you can get is calculated based on your average indexed monthly earnings (AIME). These calculations are done during your 35 highest-earning years. 

You can start getting money from your Social security fund typically from age 62, but you will receive your maximum benefit if you wait until age 70. The benefits from your social security can make up as much as 40 percent of your pre-retirement income.

Therefore, make sure your social security documents are up to date and follow the rules concerning this scheme to secure your social security benefits.

6. Talk to retirement investment experts

You will find retirement experts in many financial institutions, be it banks, labor unions, government savings organizations, and even the human resources/financial section in your workplace.

A retirement expert can help you explore other options to diversify your savings including blue chip stocks, government bonds, certificates of deposit (CDs), and real estate investments.

Bonus point!

Document everything that you have invested in by drawing up a will. This ensures all your loved ones are well cared for in case of your demise or incapacitation. Get legal counsel to assist you with this. 

Final thoughts on what to consider when planning for retirement

In summary, here's what to focus on for your retirement:

• How much money do you need to retire comfortably? 
• How much interest would you like to earn from your retirement savings yearly?
• Which retirement savings options are available to you?
• Are there other ways to save money for your later years?
• Are you prepared for accidents, death, or incapacitation in your later years?

Remember, there is no limit to what you can save for retirement. Aim to set aside the highest amount you can.

Lilian Lewis is a writer who works closely with New Jersey Law firm, Aiello Harris. When not hunched over her computer writing on various legal matters, you can find her baking all sorts of goodies, and hiking the local trails to work off the goodies. 

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People are living longer and "aging in place" is an increasingly popular strategy adopted by seniors. The inevitability of an aging population in the United States presents all sorts of challenges for the communities in which they live. Communities must find ways to respond to the needs of seniors or they could face a serious social crisis.

Thankfully, there are communities that today serve seniors in appropriate ways. The two examples I offer here are  smaller cities on opposite sides of the country. By so doing I intend to demonstrate that any community that cares about its senior population can take meaningful action.

Asheville, North Carolina

Nestled among the Blue Ridge Mountains and with a vibrant food, beer and arts scene, Asheville is a small city (population around 95,000) that deservedly gets high marks as a world-class tourist destination. To some observers, Asheville may appear to be a young, happening place, but the city is also home to a sizable senior population -- 28 percent of Buncombe County (which includes Asheville and a few other towns) is age 60 or older. Local government, nonprofit organizations and educational institutions are well aware of this, and they work to provide seniors with services that much larger cities would envy.

For example, on the campus of the University of North Carolina Asheville (UNCA) is OLLI Asheville -- one of the Osher Lifelong Learning Institutes found at college campuses around the country. OLLI Asheville has its own building on campus, which serves as a gathering place for the College for Seniors, retirement seminars, lectures, presentations, meetings and social events. The Fall semester's 90 courses, taught by retired professionals, blend on-campus only, hybrid and online only offerings. OLLI Asheville has over 1,000 members who take classes and volunteer for OLLI and in the community.

Recently, Buncombe County and UNCA announced that they plan to collaborate on a $26 million Active Aging Center to be built on the campus but on county land. Buncombe County would own and operate the Center with the full cooperation of UNCA. According to county information provided to the Asheville Citizen-Times, a local newspaper, “(The Active Aging Center) will provide an integrated service delivery model, incorporating healthcare, childcare, adult day, retail, technology, community resources and other services for Buncombe County. This approach encourages greater community collaboration, connectivity and congregation of people and places.” According to the county, the Acting Aging Center will offer:

• Better navigation and access for aging adults and their caregivers that underpins community health initiatives.
• Improved utilization of financial and funding resources across aging services providers with both the reduction of duplication of services and subsequent resources.
• Creation of an innovative model that is ready for the future, that will be proactive, collaborative, and responsive to the needs of those that will be aging in our community.
• Incorporate a collective impact model and strategies to accomplish common goals for our aging community members across providers.
• Establishing a model of best practices in the delivery of aging services in Western North Carolina.

Berkeley, California

With about 123,000 residents, Berkeley, California isn't much bigger than Asheville, but it is near two large cities, Oakland and San Francisco. About 16 percent of the population is age 65 or older. Berkeley also boasts an active OLLI, located at the University of California Berkeley. OLLI at UC Berkeley is a learning community of 2,500 members who participate in on-campus and online courses, speaker events, intergenerational dialogues, research opportunities, Town Halls, meetups, and more.

The Berkeley community offers a range of services to seniors through two Senior Centers, one in North Berkeley and one in South Berkeley. Senior Services Assistants at each center help seniors gain access to needed services that include transportation, food, medical resources, health insurance and financial benefits advocacy resources, legal assistance resources, affordable housing listings, utilities and energy assistance resources, home care assistance referrals and more.

It is worth noting that California is one of just five states to have a "master plan for aging." The state projects that one-quarter of its population will be 60 or over by 2030. According to the state, "This is not a plan simply for today’s older adults. Instead, it is a blueprint for aging across the lifespan. The Master Plan for Aging calls on all California communities to build a California for All Ages & Abilities: for older Californians currently living through the many different stages of the second half of life; for younger generations who can expect to live longer lives than their elders; for communities of all ages – family, friends, neighbors, coworkers, and caregivers – surrounding older adults and people with disabilities."

Asheville and Berkeley are only two examples of communities that recognize the importance of serving their senior population. Wherever you live, as you age, be sure to seek out all of the local services available to seniors in your community provided by government, nonprofit organizations and educational institutions. There may be a lot of support available that you didn't know about.

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Guest Post by Carla Lopez

If your loved one has Alzheimer’s Disease, you know that significant changes tend to come as the disease progresses. Not only can this make it difficult to get into a normal life routine, but it can also pose problems with home safety.

However, if you take certain measures and make the necessary home adaptations, you can keep up with the changes and ensure your loved one is able to live safely and comfortably in their own home. Check out this practical guide.

Understanding the Challenges     

Before you make any plans or modifications, it’s important to understand how your loved one’s disease impacts their safety. For example, Alzheimer’s can affect their judgment, which is why it is common for people with the disease to forget how to use certain appliances and devices.

Those with Alzheimer’s are also prone to wander and get lost around their home because their sense of time and place is not what it once was. Maintaining balance and problems with hearing, vision, and depth perception are common as well.

Assessing the Situation      

Evaluate your loved one’s home to get a plan together for the modifications you should arrange to accommodate their needs. First, discern whether their current home can be modified. Is the home adaptable, or will it cost too much time and money to make the necessary changes?

If you and your loved one decide that it isn’t practical for them to remain in their home, one option is to move them into yours, especially if you both want to put off a move to memory care just yet. Ask yourself a few questions first, however, so you know this is the right setup for you. How does this situation make you feel? Do you have time to take on a caregiving role? How will this affect your family? Will it affect me financially? If you decide that it’s the right move, you will want to put the pieces in place for a smooth transition with minimal stress.

If you decide to have your loved one move in with you, you’ll already be facing quite a bit of change, so one way to simplify the process and cut down on stress is by enlisting the help of professional movers. Luckily, it doesn’t have to cost a fortune. Simply search online for “moving companies near me” and browse ratings and reviews, then request a quote in advance. This will also free up your attention so that you can focus entirely on your loved one’s well-being, rather than fretting about and struggling with each box and piece of furniture.

While hiring professional movers is a justifiable and worthwhile expense, remember that with another person living in your home and another mouth to feed, you will likely have to find creative ways to cut down on monthly expenses. That could mean canceling subscriptions you never use, dining out less or tackling a bigger payment such as refinancing your mortgage. For example, by taking advantage of lower interest rates right now, you can quickly refinance your home and see a lower mortgage payment to help free up cash that you can put toward updates.

Precautions in the Kitchen

Perhaps the most useful step you can take to maintain a safe kitchen for your loved one with Alzheimer’s is to invest in appliances that come with an automatic shut-off feature. Adding stove knob covers or removing the knobs from the stove can also prevent your loved one from harm, as can securing any prescription drugs and sharp objects.

Precautions in the Bathroom

The bathroom is a common place for accidents for people experiencing cognitive decline and impaired balance. Consider installing grab bars, a walk-in tub, and/or a shower chair so that your loved one can maintain their personal hygiene and remain out of harm’s way.

Adding Extra Lighting   

Because people with Alzheimer’s often deal with vision problems, they can become disoriented when the levels of light in a home change. You can help your loved one stay safe and comfortable in their home by installing additional lighting in hallways, stairways, entries, and other areas where the lighting fluctuates. Also, consider putting in nightlights in the bathrooms, bedrooms, and hallways.

Upkeep in the Home

Finally, try to keep your loved one’s home clean and decluttered. And regularly check the smoke and carbon monoxide detectors, and other safety devices to ensure that they are in proper working order. It’s best practice to replace the batteries at least twice a year. Furthermore, make sure you have access to fire extinguishers, and consider installing sprinklers to add an extra layer of protection.

As your loved one’s Alzheimer’s progresses, it’s essential that you make the changes necessary to their living environment. Learn about the challenges they are facing, and determine whether the best path forward is to modify their current home or move them into yours. Follow the tips above for creating a safe and comfortable home for your loved one, and keep researching other modifications and precautions that can make life easier and safer.

Carla Lopez retired a couple of years ago, but she didn’t lose her entrepreneurial spirit. She created Boomer Biz for retirees like herself who still have a desire to work and achieve. The site is a resource for people in their golden years who want to start their own business or go back to work doing what they love.

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Discover How World War II Helped Launch "Boomer Brands"

Guest Post by David Clark

As we age, certain things need to be considered to ensure our safety. One of those things is our home. A trip down the stairs can be dangerous, and so can a slippery floor in the bathroom. Hence, the need to prep your home to increase senior home safety.

Following are three dangers seniors can face in their homes and three senior home safety upgrades that are worth investing in.

Top Three Causes of Injuries in the Home

Falls

According to the National Safety Council, “Every year, one out of every three adults age 65 and older will experience a fall.” Falls can happen anywhere in the house, but they are most common in areas where there is a lot of foot traffic, such as the kitchen and bathroom.

There are a number of reasons why seniors are more susceptible to falls. As we age, our bones become more brittle and our muscles weaken. This makes it easy to lose your balance and take a tumble.

Vision Problems

According to the National Institutes of Health, more than half of Americans age 65 and older have some type of vision problem. Common vision problems that can lead to falls include cataracts, glaucoma, and age-related macular degeneration.

These conditions make it difficult to see obstacles in your path, which can increase your risk of falling.

Unattended Cooking

Cooking is one of the most common causes of house fires. According to the National Fire Protection Association, “Cooking equipment is involved in almost half of all home structure fires and one-quarter of home fire deaths.” 

Seniors could potentially start cooking fires because they are more likely to use outdated appliances or forget to turn off the stove. They also sometimes live alone, which means they may not have someone to help them if a fire does start.

Upgrades to Invest In

Now that you have a rough idea of what makes a home dangerous for senior living, the next step would be to make senior home safety upgrades to provide peace of mind for both you and your loved ones.

Bathroom Upgrades 

An essential senior home safety upgrade to consider is upgrading your bathroom. This can include adding grab bars, non-slip flooring, and a raised toilet seat. These upgrades can help prevent falls and make it easier for you to use the bathroom with independence.

Another thing you can do is add a walk-in tub or shower. These can be expensive, but they are worth the investment if you want to age in place safely. Walk-in tubs also have various benefits, such as providing a relaxing environment, helping with pain relief, and improving circulation.

Motion Sensor Lights

Stumbling across a room in the dark can be dangerous, especially if you have mobility issues and vision problems. To help prevent falls, it's a good idea to install motion sensor lights in your home. These lights will turn on automatically when you enter a room, providing you with the light you need to move around safely.

Motion sensor lights are also a great security measure, deterring burglars and giving you peace of mind. Not to mention, they also help you save on your energy bill!

Alarm Systems

Alarm systems can be costly, but they are a necessary senior home safety upgrade. For example, smoke and fire alarms are crucial because during a fire, every second counts. Smoke can travel faster than you can, so having an alarm system in place can help give you and your loved ones the time you need to evacuate safely. These alarms come in handy if you want to prevent fires in the kitchen.

A home security system can also give you peace of mind, knowing that your home is being monitored even when you're not there.

A Final Word

Knowing the basic dangers in a home and being informed of how to avoid them and prevent injury are crucial steps in keeping you and your loved ones safe. These are just a few senior home safety upgrades worth investing in. You can help prevent falls and live a safer, more independent life by making these upgrades. The key to increasing home safety for seniors is to understand the risks and mitigate them with the right precautions and tools.

David Clark is the CEO of Basement Guides with several years of experience in basement-related problems and home safety. He has written and published many resources and guides related to senior home safety, grants, and home modifications. David is currently working to spread the word about senior home safety and health through resourceful guides and articles.

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Discover How World War II Helped Launch "Boomer Brands"

Guest Post by Carla Lopez

As more Boomers start their own businesses, they need ways to boost sales through successful marketing. You have to use the right approach if you want to achieve your goals. If you aren’t sure how to begin, here are three key tips.

1. Don't Overlook Skill-Building

Many entrepreneurs assume that marketing isn’t overly challenging. However, if you don’t have the right marketing skills, it’s far harder to do well than you’d expect.

That’s why seizing skill-building opportunities is essential. Ideally, you want to begin by getting an online business degree and choosing a business management, leadership, or marketing program. That way, you’ll get a solid understanding of how to approach your company, including marketing it effectively.

Pursuing an online MBA is another excellent choice. You’ll learn about marketing, corporate finance, statistics, and economics, all while having enough flexibility to balance family, work, and school.

2. Partner with Another Business for a Cross-Promotion

Cross-promotions can be an excellent option for expanding your reach and tapping into a new customer base. Plus, it’s an affordable option to explore, potentially costing little more than your time and energy.

When you explore businesses to partner with, avoid direct competitors. Instead, find businesses with customer bases that align with your target market but don’t sell the exact same product or service. For example, if you sell high-end accessories, you don’t want to choose a jeweler if you also sell jewelry as there’s too much cross-over. However, you could partner with a clothing boutique or higher-end shoe store, as you may attract similar customers but don’t directly compete.

After that, you’ll need to find a mutually agreeable approach. One simple way is to showcase each other’s businesses on social media, allowing you to introduce each company to the other’s followers. You can use a similar approach in email newsletters, as well as on your websites.

Offering discounts to shoppers who come from one business and then buy at the other can work. Coming together to sponsor a contest or giveaway is another stellar option, as well as joint-hosting an event, like a fair, concert, or similar community activity.

3. Offer a Free Class that Relates to Your Product or Service

Free classes that relate to your product or service can be great marketing options, especially if your offerings come with a bit of a learning curve. You can show current and prospective customers how to make the most of their purchase, ensuring they see the value in what you sell.

If you’re looking for an easy to deploy, passive option, consider designing an online course that’s available on-demand. Usually, this involves creating a video that you can host on your website or post on a popular platform, like YouTube. That way, you can publish the content once and continuously share information that customers may find beneficial with ease.

In some cases, a live in-person or online workshop could be a better choice. You can engage with customers directly and create a highly authentic experience, both of which may work in your favor. Usually, some simple calendaring and video conferencing software is enough to make this happen

If a full-blown class isn’t ideal for your product or service, you could use a slightly different approach. For example, you can create a post-sale drip campaign to share tips, tricks, and insights over several days or weeks. Along the way, you could even present upselling or companion products and services, potentially snagging a few more sales. Just make sure that the advice always takes center stage, increasing the odds of engaging customers.

These are just three marketing tips to help you find success as a Boomer entrepreneur.

Carla Lopez retired a couple of years ago, but she didn’t lose her entrepreneurial spirit. She created Boomer Biz for retirees like herself who still have a desire to work and achieve. The site is a resource for people in their golden years who want to start their own business or go back to work doing what they love.

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Discover How World War II Helped Launch "Boomer Brands"